Sep 09, 2009

Don't Overwork Long Hours and Drag Your Business Down With You

Here's the ninth big-picture strategy from my save your business list:

9. Don't overwork long hours and drag your business down with you.

Growing a successful business is like running a marathon, not a hundred-yard dash. If you can outlast the recession, you will outlast your weaker competitors, and after the recession your business will have the opportunity to grow larger and more profitable than before. But working 80 hours a week for months on end probably isn't help you survive the recession--and it may take away the down time you need to focus on new ideas and innovations. The best ideas often come to you when your brain has had a breather. If you run yourself ragged with hours and hours of busy work for a year or two, you won't be poised to innovate and take advantage of market conditions as they improve. So while sales are down, cut your overhead and labor costs where you can, batten down the hatches, and even consider taking some R & R while things are slow--who knows what new ideas you may come up with?